Correlation Between Niutech Environment and Juneyao Airlines
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By analyzing existing cross correlation between Niutech Environment Technology and Juneyao Airlines, you can compare the effects of market volatilities on Niutech Environment and Juneyao Airlines and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Niutech Environment with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Niutech Environment and Juneyao Airlines.
Diversification Opportunities for Niutech Environment and Juneyao Airlines
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Niutech and Juneyao is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Niutech Environment Technology and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Niutech Environment is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Niutech Environment Technology are associated (or correlated) with Juneyao Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juneyao Airlines has no effect on the direction of Niutech Environment i.e., Niutech Environment and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Niutech Environment and Juneyao Airlines
Assuming the 90 days trading horizon Niutech Environment Technology is expected to generate 0.81 times more return on investment than Juneyao Airlines. However, Niutech Environment Technology is 1.23 times less risky than Juneyao Airlines. It trades about 0.41 of its potential returns per unit of risk. Juneyao Airlines is currently generating about 0.08 per unit of risk. If you would invest 1,197 in Niutech Environment Technology on December 11, 2024 and sell it today you would earn a total of 366.00 from holding Niutech Environment Technology or generate 30.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Niutech Environment Technology vs. Juneyao Airlines
Performance |
Timeline |
Niutech Environment |
Juneyao Airlines |
Niutech Environment and Juneyao Airlines Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Niutech Environment and Juneyao Airlines
The main advantage of trading using opposite Niutech Environment and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Niutech Environment position performs unexpectedly, Juneyao Airlines can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Juneyao Airlines will offset losses from the drop in Juneyao Airlines' long position.Niutech Environment vs. Sanbo Hospital Management | Niutech Environment vs. Sichuan Fulin Transportation | Niutech Environment vs. Shenzhen Urban Transport | Niutech Environment vs. Heren Health Co |
Juneyao Airlines vs. Aurora Optoelectronics Co | Juneyao Airlines vs. Giantec Semiconductor Corp | Juneyao Airlines vs. Thinkon Semiconductor Jinzhou | Juneyao Airlines vs. Union Semiconductor Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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